Ecuadorian Presidential Candidate Proposes a National Cryptocurrency but It Won't Replace the Dollar An Ecuadorian presidential candidate hinted at creating a cryptocurrency in the country as part of its government agenda. Giovanny Andrade said that the national crypto aims to “facilitate” transactions across the country. Crypto Could Be Backed by Gold During an interview with Primicias, Andrade, representing the Union Ecuatoriana party, believes its cryptocurrency idea is a crucial part of his country’s proposals. However, he doesn’t want to ride off from Ecuador’s dollarized economy: We are looking at ways to create an Ecuadorian cryptocurrency. This does not mean that we are going to escape from dollarization. We must support dollarization.